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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.' While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.
Los Angeles Auto Show 2005 Design Trends
Thu, 11 Nov 2004How are changing consumer attitudes and preferences affecting automobile design? What are designers doing to create functional, stylish and fun vehicles in accordance with new regulations and technologies? These are some of the questions that five distinguished designers will discuss and debate during the panel discussion at the Los Angeles Auto Show on January 6.
Top Gear to do ‘Economy’
Tue, 30 Dec 2008Don’t think for a minute that we’re going to lose the supercar stunts we know and love, and see them replaced by the charms of a Kia Cee’d economy run, but Top Gear, in common with the rest of the Beeb, is having its budget cut – apparently. Andy Wilman, who is the brains behind TG (and its producer) together with Jeremy Clarkson, has been bemoaning the budget cuts planned for the show on the TG website. He said: ‘No point in moaning about that.